Here you can find general news items from Kaupthing Singer & Friedlander. Press releases and regulatory announcements from the Kaupthing Bank Group can be found under press releases.

10.07.2009

Singer & Friedlander Funding Plc (in administration) Update

TO ALL KNOWN CREDITORS

Singer & Friedlander Funding Plc (in administration)
High Court No.: 9081 of 2008
Registered No.: 05084823
Registered office: 1 More London Place, London SE1 2AF

Singer & Friedlander Funding Plc (in administration) - Update

“The Joint Administrators of Kaupthing Singer & Friedlander Limited (In Administration) ("KSF" and the "KSF Administrators") have informed the Joint Administrators of Singer & Friedlander Funding Plc (In Administration) ("Funding" and the "Funding Administrators") that they intend to make a distribution of 20p in the pound by the end of July 2009 to those creditors of KSF whose proofs of debt have been accepted.

The Funding Administrators understand that the trustee of the £250m guaranteed floating rate notes (the "Notes") submitted a proof of debt to KSF as guarantor of the Notes and that the claim has since been approved by the KSF Administrators.

As previously announced on 14 May 2009, Funding’s claim (the "Claim") against KSF in respect of a debt owed to Funding by KSF has not been approved. The KSF Administrators have stated that they have received legal advice that it is unclear whether the Claim should be admitted and, if the Claim should be admitted, for what amount. The KSF Administrators have also stated that an application to the High Court for directions on this matter is being prepared but, unless and until the Court instructs otherwise, the KSF Administrators do not consider that it is appropriate to admit the Claim”.